Prime Minister Narendra Modi on Tuesday renewed his appeal to citizens to avoid buying gold unless necessary and to choose domestic destinations over foreign holidays, linking greater spending within the country to the goal of sustaining and accelerating India’s economic growth.
Congratulating people on India’s 7.8% economic growth in the April-June quarter, Modi said in a video message on social media that the growth momentum had to be maintained and accelerated.
“We have to maintain this growth momentum, and also to accelerate it,” Modi said in Hindi. Achieving that goal required advancing the vision of “Atmanirbhar Bharat”, or a self-reliant India, he said, stressing the “mantra of swadeshi” and “vocal for local”. In that context, Modi urged people not to spend money on foreign holidays or destination weddings abroad and to embrace the “mantra of made in India”.
“Gold is mostly unproductive asset in India. Gold imports rose 32.4% to $15.17 billion in the first four months of the current financial year, from $11.46 billion in the corresponding period of 2025-26, according to the latest government data.
Experts said Modi’s comments should be seen against a broader economic backdrop marked by geopolitical uncertainty and volatility in global energy markets, even as the Indian economy continues to post strong growth. Ajay Sahai, director general and chief executive of the Federation of Indian Export Organisations (FIEO), said imports of raw materials and intermediate goods were necessary to support manufacturing and exports, but non-essential imports should be restrained. Its import is only justified if it is productively used and not as an idle asset,” he said. Similarly, Sahai said, greater domestic spending on domestic tourism could support the Indian economy.
